The Council shall by ordinance prescribe the terms and conditions upon which licenses may be granted, suspended, or revoked; and may require and exact payment of such reasonable sums for any licenses as it may deem proper. The persons receiving the licenses shall, before the issuing thereof, execute a bond to the village, when required by any ordinance, in sum and with such securities as prescribed by such ordinance, conditioned for the faithful observance of the charter of the Village, and the ordinance under which the license is granted.